Bitcoin Forum

'Bitcoin cash' surges 40% in single day as investors bet on its faster processing speeds


The bitcoin offshoot, bitcoin cash, soared Friday after indications the alternative digital currency could achieve its goal of speeding up transactions.

Bitcoin cash rose 40 percent from Thursday's close of $460.53 to briefly hit $655 Friday afternoon, according to CoinMarketCap. That's the highest since bitcoin cash touched $756.93 on Aug. 2, the day after bitcoin split into bitcoin and bitcoin cash.

However, the volatile surge was even greater when considering bitcoin cash hit an intraday low of $293 Thursday before climbing to $460.53, according to CoinMarketCap.

On Wednesday morning, bitcoin cash "miners" successfully demonstrated that the digital currency could support an eight megabyte block, versus the original bitcoin's one megabyte. Blocks are part of the blockchain technology behind digital currencies like bitcoin that limit transaction speeds.

The eight megabyte block "has proven that bitcoin cash is working," said Charlie Hayter, CEO of digital currency information website CryptoCompare.

He added that gains in bitcoin cash's price made it more profitable and easier for miners to mine bitcoin cash versus bitcoin, contributing to further gains in the offshoot currency's price.

Investors in bitcoin at the time of the Aug. 1 split should have received equal amounts of bitcoin cash.

The original bitcoin traded 2 percent lower Friday near $4,220 after hitting an all-time high of $4,522.13 Thursday, according to CoinDesk. At Friday's prices, bitcoin had a market value of about $70 billion and remained more than four times higher for the year.

Another digital currency, ethereum, traded 3 percent lower near $292, according to CoinDesk. Ethereum has the second-largest market capitalization among cryptocurrencies at $28 billion, according to CoinMarketCap.

With Friday's gains, bitcoin cash ranked third by market value at around $10 billion, according to CoinMarketCap.

https://www.cnbc.com/2017/08/18/bitcoin-cash-surges-as-investors-bet-on-its-faster-processing-speeds.html

I am impressed about this, i thought bitcoin cash was gonna dump to $100 in a few days, looks like i miss that prediction, lol.
By the way, this price is hyped because of speculation, i dont think it is gonna be in there forever.
It might fall in a few weeks/days

It did dump significantly as expected by a lot people, but not exactly to the lower values people were speculating about. I have cashed out all my BCC's a while back, so for me there is not much to benefit from anymore. That's however not the case for those having kept a few BCC coins aside -- current levels are perfect for converting these coins into Bitcoin. I don't expect BCC to maintain its value above the 0.10 BTC level for long, so people are better off cashing out at current levels. But then again, since people obtained BCC for free, they won't lose anything in case the price happens to tank. It's all profit.

I like your thoughts on this... I am not a fan of Bitcoin Cash but I want to play safe that's why I bought some earlier to have the same quantity to my Bitcoins. If they both make it to top then that means I had made a right decision.

By the way, though miners find it more profitable to mine BCC, I guess the end result would still vary upon which coin will be patronized by us. The mere fact that we all had the same amount of BCC and BTC after the fork (granting that you didn't sell yours), we can choose whether which coin we would use as payment method.

40% is quite high for a digital currency many despised in its early days, I guess all the negative hype was all in the bid to buy cheap bitcoin cash tokens ....well played now we wait and see how it will hold up or maybe its just another pump and dump crypto? Only time will tell.

I think the lesson here is that the November segwit2x fork better pick a good name:
Bitcoin2
Bitcoin2x
BitcoinNext

The price is actually close to where it was when BCH debuted on the exchanges. It was trading around $600 to $700, before the bug dumps happened. Right now, the price just recovered to its early levels. It is too early to say whether it is a pump and dump.

Yep, basically this. Even though some miners may be switching over to Bitcoin Cash, the power is really still held by users like us which actually send and receive the transactions to be added to the blockchain. Without us, the miners would have very little power and the Bitcoin cash blockchain would be severely underused in contrast to the Bitcoin blockchain, resulting in less transactions going through and the value of BCC going down. That being said, there do seem to be users currently using both blockchains and there exists the possibility that both prevail together while being used for different things.

How many forks can the world handle?
Are there even more forks being planned/promoted?

For now no. Later who knows.

About BCC i think it's just temporary pump, until Novemeber when Bitcoin implements Segwit2x that will make transactions faster and everyone will just say fuck BCC as no one really use it for anything (I mean for real world payments) other than trading

BCC is a temporary asterisk, it is inflated for business, not the fact that the developers themselves are making these contributions bitcoon, that would then throw it down and take its difference, I do not even know what to expect

Yeah crypto world is simply uncertain and temporary. Any coin can inflate ome day and deflate significantly the next very day. I don't think BCC has any reason to grow and stablize anywhere near $1000. It will always be just another cryptocurrency due to lack of support from most of the miners as well as users. We could soon see $150-200 for it.

If anyone thinks that this is a "organic" rally, you should have your head examined.

The lower notional value per unit and the professed intent by Roger Ver to prop up his latest assault on the Bitcoin ecosystem is more likely.

https://twitter.com/AriDavidPaul/status/898269051893542912

But sure, keep thinking that this rise is a bunch of people thinking suddenly that BCrash should be worth 2x more in a few hours span.

I suppose we should make an allowance that these same people anyway were operating on very different levels of rationale. But the headline is only half accurate since this is less of a bet than a calculated risk taking. These aren't long-term investors at all. It's a smart play, taking advantage of mathematically sound numbers. But for as long as people still need to cash out BCH to BTC to realise their gains, this can only harm BCH at the latter stages.

This surge still isn't matching 1 August valuations anyway. Long way to go as far as I can see.

Half of Bcash volume comes from Korea - https://i.imgur.com/PkZ91b9.png

Korean exchanges act like proxy, because seasoned exchanges like Bittrex or Polo would probably leak who is pumping this coin or report it to authorities. Or maybe some very dirty money are involved. Also, Bitcoin's price is relatively stable, so this is not some natural migration from BTC to BCH. There will be no flippening, people who are buying BCH this high are likely to get burned, and in a year no one will care about this useless clone.

The price of BCH per day jumped almost 2 times. I was very surprised by this. I no longer expected that this coin could be more expensive than 200 dollars. Speculations on exchanges attract investors' attention to it. All this is done artificially.

I think its going to be Bitcoin because activation of SegWit2x means consensus rule changes. Obviously if there is demand for the old 1MB Bitcoin version, exchanges might list it as well under new name like Bitcoin 1MB, but Im not sure how many miners going to mine under the old consensus rules when basically no merchant going to support the old 1MB version.

And Bitcoin with SegWit+2MB have chance to compete the Bitcoin Cash 8MB. The old 1MB blocks have no chance longterm, because the space for Bitcoin transactions is too small already

Most of you guys are talking about artificial raise of BCC price, i agree with you. All these days major crypto media outlets are full about "BCC record highs" news, this looks like paid advertisement that surges price levels.

It was an artificial rise in price in order to draw attention to this currency. Now the price of this currency is at a high level, but I have a suspicion that soon we will see how the price will fall sharply. With this currency you need to be very careful

This is all manipulation and one thing that is so hard to predict because those are not natural market movement. I am sure that there are whales who want to push BCH high so that they can double what they got. Soon there is a possibility that the BCH market can go down once there would be big dumps to realize some profits...which is just a natural cycle and can even happen with Bitcoin anytime.

From a high of ~960 now trading at 582.

Yeah, this is a pumped-up shitcoin that has all the hallmarks of a few deep pockets pushing it around.

Roger Ver has run out of subtlety as his particular brand of insanity takes hold.

looks like a pump to me as well,the price of bitcoin remains stable at 4000 ish
this is not like BCC drew users and holders from BTC
but it is perfect for speculation-volatility of 20% daily is insane
lets see what happens when its difficulty stabileses,the main parameter would be how many miners will switch and mine the coin
this will form the real price of this altcoin,not the traders

Now it's going down again. Will be curious to see at which point BCC price will be stabilized.

And yet Bitcoin is very stable around $4,000, despite all FUD, miners chasing BCH profits, Bitmain pumps, B2X drama and other crap. People who started the bull run after August 1st still very confident in BTC. By the end of the year, when the situation with forks will calm down, and SegWit will already work for a few months, the price could easily hit $5,500-6,000. As for Bcash, I personally see no future for it, it's just a copypaste of Bitcoin with a few edited lines, so fat they haven't presented any plans for the future of their network.

Bitcoin cash could go strong, as it is better than many useless top 10 altcoins. Some people may have quite some interests in it.

it does already,it is simple: 8mb block and same features as bitcoin
no gimmicks,no bycicle invented there
it is going to be top 3 in capitalisation for quite some time,untill a revolutionary altcoin emerges